Zygo CEO steps down
Photo/Lisa Wilder
Zygo's Middlefield headquarters campus.
Chris L. Koliopoulos, president, CEO and chairman of Middlefield optical instruments manufacturer Zygo Corp., has resigned, the company announced.
The company did not give a reason for Koliopoulos’ departure, but said it was the result of a mutual decision of both the CEO and the board of directors.
Gary K. Willis, a company director, will serve as interim CEO. Michael A. Kaufman, who was appointed to the board in July, will be chairman.
Kaufman is president of MAK Capital, a New York City fund that, together with its related entities, owns 556,092 shares of Zygo.
"The board appreciates Dr. Koliopoulos' service to Zygo and we wish him the best in his future endeavors," Carol Wallace, chair of the company's corporate governance and nominating committee, said in an announcement. "The board of directors is focused on achieving Zygo's full potential for the benefit of our shareholders, and continuing to enhance Zygo's leadership position in its markets.”
Under his separation agreement, Koliopoulos will receive an initial payment of $125,000 as well as his annual $450,900 salary for two years.
He holds 473,312 shares of outstanding stock options and 180,890 restricted stock units. The more than 279,000 vested stock options are worth approximately $3.8 million.
Koliopoulos will also keep his company car, laptop and cell phone, but will be responsible for expenses moving forward.
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